MTN Group has reported a strong operational performance for the first quarter of 2025, with its EBITDA margin rising by 5.3 percentage points year-on-year to 44.1%.
The growth was driven by what the company described as “an encouraging acceleration in operational momentum.”
Customer numbers rose to 296.8 million across MTN’s 16 markets, edging closer to the 300 million milestone.
Group service revenue climbed 10.4% in reported terms and 19.8% in constant currency, supported by solid performance in key West African markets, including Nigeria and Ghana.
Data revenue surged 17.9% (28.7% in constant currency), while voice dipped slightly by 0.1% (up 9.8% in constant currency). Fintech revenue rose 17.2% (25.2% in constant currency).
- Capital expenditure (excluding leases): $398 million (converted from R7.5 billion)
- Active data users: 161.7 million (up 9.1%)
- Mobile Money users: 62.2 million (up 1.1%)
- Data traffic: 5.7 exabytes (up 30.4%)
Group CEO Ralph Mupita said, “MTN reported a robust performance for Q1 2025, anchored in the continued strong execution of our strategic and operational priorities and buoyed by improved macroeconomic conditions in key markets.”
MTN’s South African business, the company’s largest operation after Nigeria, recorded moderate growth amid intense competition in the prepaid segment. Service revenue increased by 2.6%, with data revenue up 3.9%. Outgoing voice revenue declined by 3.2%.
Subscriber numbers rose 5.6% to 39.2 million. Postpaid users grew by 6.7% to 4.4 million, supported by uptake in integrated voice and data plans. Prepaid subscribers rose by 4.5% to 29.1 million.
Other South African highlights:
- Enterprise service revenue grew 12.3%.
- Fintech revenue increased 2.4%.
- EBITDA margin improved to 36.7% (up 0.2 percentage points).
- Capex: $63.6 million (converted from R1.2 billion)
MTN said it saw a 6.7% increase in active data subscribers to 21.8 million, contributing to a 3.9% increase in data revenue. Data usage per prepaid subscriber hit 3.8 GB/month (up 14.8%), while postpaid users consumed 23.7 GB/month (up 10.4%), fueled by demand for home internet services.
In Nigeria, MTN posted a “strong” Q1 performance, building on momentum from Q4 2024. The company said it is on track to restore profitability and achieve a positive net asset position by year-end. It plans to boost network investments to improve service delivery.
MTN’s performance in Nigeria and Ghana played a crucial role in lifting the group’s overall results, contributing to the significant rise in service revenue, especially in the data and fintech segments.